- S&P Global JPMorgan Global Composite Output Index (global PMI) hits highest in 16 months
- ICYMI - Italy intends to exit China Belt and Road agreement
- Goldman Sachs expects a 25bps hike from the RBNZ in May, see AUD/NZD higher into year-end
- PBOC sets USD/ CNY mid-point today at 6.9299 (vs. estimate at 6.9301)
- FX option expiries for Wednesday, 10 May 2023 at the 10am New York cut
- Australia - Roy Morgan Business Confidence down 3.4 points to 90.2 in April
- Biden admin update plans on replenishing US oil reserve - but still vague on timing
- UK oil and gas operators to be hit by a 48-hour strike until Friday - offshore sector
- Moody's on US debt ceiling now a "real threat"
- Goldman Sachs expect that US stocks will rally on any soft inflation print
- President Biden says he will consider using the 14th amendment in debt ceiling but not yet
- US President Biden says debt discussions were productive, will meet again on Friday
- Goldman Sachs sees a real risk to the US dollar if there is an extended debt ceiling fight
- Zimbabwe launch digital currency tied to the market value of the gold
- US CPI data due Wednesday - preview: Fed officials will likely be cautious
- It appears there has been little movement towards resolving the US debt ceiling impasse
- Australian government budget shows a surplus - it won't last
- Forexlive Americas FX news wrap 9 May:The USD moves modestly higher ahead of CPI tomorrow.
- Private oil survey data shows headline crude oil build vs. draw that was expected
- US indices close lower ahead of CPI data tomorrow
- Trade ideas thread - Wednesday, 10 May 2023
It was a very subdued session across major FX with traders mainly content to await the inflation data due during the US timezone later. There are previews of this in the bullet points above.
The news flow was early, with US President Biden meeting with Congressional leaders for debt ceiling negotiations. Statements at the conclusion of the meeting from participants, along with other reports, indicated that little progress towards resolution was made. Work will continue and another meeting of the leaders was set for Friday.
Data flow was negligible, but I did pop up a post on S&P Global/JP Morgan’s global PMI. This hit a 16-month high despite “the three largest national economies covered (the US, China and Japan) all performed below the global average”.
Asian equity markets:
Japan’s Nikkei 225 -0.4%
China’s Shanghai Composite -1%
Hong Kong’s Hang Seng -0.6%
South Korea’s KOSPI -0.1%
Australia’s S&P/ASX 200 -0.1%
The private survey of oil inventory released during the US afternoon showed a build. A draw was expected.
Oil hasn't done a real lot in response, off a touch only.